ChangeHero's Crypto Digest for July: New Integrations, Bitcoin Rally and Twitter Hack

It is quite hard to believe now that the first half of July was relatively uneventful on the crypto market. And now, the whole space is starting to get exciting! In the Crypto Digest from the ChangeHero team, we’re going to share our updates and once again round up the latest crypto news about the past month.

ChangeHero July Updates

New coin integrations: Compound (COMP), Maker (MKR), Status (SNT)

This month, we introduced three tokens that all more or less have to do with a trending crypto phenomenon: governance tokens. Compound (COMP) made waves after the introduction of the community-based governance model to the Compound protocol and the yield farming taking off in the same system. Maker (MKR) is the governance token in the top DeFi platform, MakerDAO. Finally, Status Network Token, or Status (SNT) for short, finds use in the Status app, which combines messaging and peer-to-peer crypto payments.

Now COMP, MKR and SNT are available on ChangeHero for Best Rate and Fixed Rate exchanging, at the best rates available on the market.

Updated Coin Pages

The development team finished the rehaul for individual Cryptocurrency pages on our website. Now you can find a lot of useful information about each coin, as well as get the shortcuts for the most common pairs and exchange templates. For example, check the Bitcoin or Ethereum page out!

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Bitcoin page; Source: ChangeHero

Now you can find the most popular pairs or shortcuts to buy and sell pages on the dedicated page, as well as the Bitcoin price change — all on one page.

Giveaways on Twitter

The SMM team held not one, but two giveaways this July! Firstly, we collaborated with our partners at CoolBitX to give the CoolWallet S users who exchange the assets with ChangeHero in their app a chance to win $50, $100 or $150. Secondly, we gave 250,000 sats to a lucky winner who cracked the emoji code in the giveaway to celebrate World Emoji day. Don’t worry if you think you missed out — follow us on Twitter where we regularly have such activities.

July Crypto Digest: latest crypto News

Late July really felt like a start of a bull run, even though the first half of the month Bitcoin was trading sideways and the rest of the market was not seeing a lot of action. Only at the end of the month the market got on the move, with Bitcoin price change soaring over 20% in just five days and Ethereum gaining more than 30% in the same period.

The best performing cryptocurrency of July was Chainlink (LINK). Over the course of the month, its gains neared 70%. The surge was happening with the news of new partnerships as well as the launch of China’s Blockchain Service Network, which uses this oracle network.

Worthy of addition to this crypto digest is the already infamous Twitter hack. About 130 accounts of prominent personalities were compromised and the tweets posted by the perpetrators promoted fake Bitcoin giveaways and scams. The damage was not as serious as it could have been and there was hardly any Bitcoin price change, but it attracted attention to some serious security issues at Twitter. Reportedly, the perpetrators have been arrested, so the case is as good as closed.

The Most Interesting Twitter posts

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Source: Twitter

Kevin Rooke used his platform to state that African Bitcoin economy is booming — it is seeing unthinkable degrees of P2P trades. Nigerian Naira—Bitcoin market is second only to USD in terms of volume, and it is surprising that African markets are being slept on.

screen shot 2020 08 05 at 4.03.47 pm - July Crypto Digest: Bitcoin Bull Run & Twitter Hack
Source: Twitter

The most interesting thing to come out of the Twitter hack is the fact that the integrity of Bitcoin seems to have taken no damage, most likely, for the reason stated by Anthony Pompliano. The lack of any significant negative Bitcoin price change certainly showed that most of the investors didn’t give in to the FUD.

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Source: Twitter

If anything, the hack served as an inspiration for some hilarious memes. Peter Schiff is known as one of the most devoted crypto sceptics, so the Crypto Twitter decided to fantasize about how a post hacker would have made on his behalf would have looked like, given his stance on BTC.

screen shot 2020 08 04 at 7.26.37 pm - July Crypto Digest: Bitcoin Bull Run & Twitter Hack
Source: Twitter

Not all members of the community embrace the change in trends the market sees so often. Dan Held, one of the Bitcoin maximalists, criticized the constant shifts in the narratives in crypto. In the words of Erik Voorhes’ reply, though, the crypto market is unique in that regard that the phenomena listed in the original tweet didn’t really come and go, but stayed and continue to see more adoption and emerging use cases. Bitcoin might still be the king, but the maximalists tend to underestimate the rest of the landscape sometimes.

Top Cryptocurrencies Price Change in July:

Here is what the difference between the opening price of each currency and the closing price looked like in July:

Gainers of July: 

  • NIMIQ +98.79%
  • Chainlink +70.02%
  • Ethereum +52.81%

Stats from ChangeHero in July

Min/Max fee in % in July

We managed to keep a consistent and reasonable fee of 0.5% for Float rate exchanges throughout the month. In Fixed rate transactions, to cover the risks additional 0.5%–1% were charged.

Top five pairs of the month

  1. BTC–ETH — 1120 transactions;
  2. LTC–BTC — 360 transactions
  3. BTC–USDT — 322 transactions;
  4. ETH–BTC — 310 transactions;
  5. BSV–BTC — 250 transactions.

New reviews and ratings

BestChange: 13 reviews, all positive;

TrustPilot: Excellent (4.8), 13 reviews (12 — 5 stars, 1 — 4 star)

Swap time facts

The quickest exchange took only 46s to be processed (BTC_ALGO);

Out of 9,344 successfully finished transactions in July, 7.5% (699) of them were processed in less than a minute and 26% (2,435) — in 5 minutes or less. 

Growth of our reserves

This month, the reserves at ChangeHero came up to roughly $11,800,000 worth of USD. For each currency, a sufficient pool is kept to keep the users’ exchanges trouble-free.

Average response time of support

In the chat, the support specialists reply within a minute. The queries sent to the mail were responded to within 14 minutes on average. Our support team provided consistent 24/7 service throughout the month, always available to help.

New website users

In July, we managed to double the amount of unique pageviews and users, with an average increase by ~20% for both metrics each week.

What are our plans for August?

We are planning to start this month with the announcement of improved fiat-to-crypto workflow. New fiat and cryptocurrencies will become available, so keep an eye for the news!

The development team is also working on Customisable network fees. This feature will let users set the network fee for outgoing payments after the exchange, so they can receive the exchanged amount even sooner. Even more marketing activities with CoolBitX and our new partners are in line. And of course, we are planning to integrate even more coins.

Summary

July may not have been really eventful in all its entirety, but it could be a turning point for the whole market. Our team has also done a lot of work to keep making our service better, and we hope you can agree. 

Hope you enjoyed this crypto digest for July! Keep swapping with ChangeHero and follow our updates and the latest crypto news reported on Twitter, Facebook, Reddit and in Telegram.

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July Crypto Digest: Bitcoin Bull Run & Twitter Hack
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Crypto Digest, July: Bitcoin price took off and the infamous Twitter hack shocked everybody. We integrated new cryptos and updated the UI.
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ChangeHero
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